Corporate tax option for new domestic manufacturers: elective single-rate computation subject to deduction and loss restrictions and filing deadline The Bill introduces an elective single-rate corporate tax for qualifying domestic companies-set up on or after 1 March 2016 and engaged in manufacturing-allowing computation of income-tax at twenty-five per cent. for assessment years from 1 April 2017, provided total income is computed without a specified list of deductions and without set off of related carry forward losses, with depreciation and other aspects determined as prescribed; excluded losses are deemed fully given effect to and the option must be exercised by the return filing due date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corporate tax option for new domestic manufacturers: elective single-rate computation subject to deduction and loss restrictions and filing deadline
The Bill introduces an elective single-rate corporate tax for qualifying domestic companies-set up on or after 1 March 2016 and engaged in manufacturing-allowing computation of income-tax at twenty-five per cent. for assessment years from 1 April 2017, provided total income is computed without a specified list of deductions and without set off of related carry forward losses, with depreciation and other aspects determined as prescribed; excluded losses are deemed fully given effect to and the option must be exercised by the return filing due date.
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